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WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse." The case is the first to go to trial since the IRS accused some banks of generating artificial foreign tax credits through loans with London-based Barclays Plc . The tax benefit stems from a $1.5 billion loan to BNY Mellon from Barclays Plc , which also helped several other U.S. banks generate billions in foreign tax credits. Barclays has not been accused of any wrongdoing. ...

Bank of New York Mellon Corp (NYSE:BK) CEO Gerald Hassell has taken many important decisions for improving the management’s efficiency during his ongoing venture with the bank. He believes the bank needs to focus on its core businesses, and not waste any investments on weak or peripheral businesses. He stated: “looking at every single dollar that’s spent, [it is important to] make sure it’s spent wisely.”

By Ganaxi Small Cap Movers:Bank of New York Mellon or BNY Mellon has a 200-plus-year old history, with its predecessor bank, The Bank of New York established in 1784 by American Founding Father Alexander Hamilton before its merger with Mellon Financial Corp. in 2007. Besides being the oldest bank in the U.S. and being founded by a Founding Father, the bank also has among its distinctions as being the first corporate stock to be traded on the NYSE. Today, BNY Mellon Corp.